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AT&T Vows to Credit Customers After Service Outage

AT&T (NYSE:T) is a Dallas-based telecommunications and technology services giant that services customers around the world. Like other telecoms, AT&T’s services have been subject to outages. AT&T suffered a massive nationwide service outage that ran for 11 hours after the first reports. After an “initial review”, the company found that the outage was caused “due to the application and execution of an incorrect process used while working to expand our network, not a cyber attack.”

On Monday, February 26, 2024, AT&T stated that it would offer customers a $5 credit after the phone service outage. CEO John Stankey said that the $5 credit represented the cost of “essentially a full day of service.” AT&T has apologized to its customers for the wide disruption. The outage also led to issues for those with service from rival carriers.

Shares of AT&T have dipped 1.8% week-over-week as of mid-morning trading on Monday, February 26. The telecom stock has now dropped 3.3% so far in 2024. Its shares have plunged 12% year-over-year at the time of this writing.

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AT&T unveiled its fourth quarter (Q4) and full year fiscal 2023 results on January 24. For the full year, mobility service revenues grew by 4.4%, representing the company’s best-ever full-year Mobility operating income. Moreover, its full-year broadband revenues rose 8.1%, which beat guidance. Those revenues were powered by full-year Fiber revenue growth of 26.6%.

Shares of AT&T currently possess a favourable price-to-earnings ratio of 8.5. Moreover, the stock offers a quarterly dividend of $0.2775 per share. That represents a strong 6.6% yield at the time of this writing.